In Oregon and Washington, wildfire season usually begins to taper off with the start of fall. This year, however, dry and unusually warm temperatures have played a role in stimulating late-season fires.
Wood Markets News
Stora Enso Launches Sylva™ Building Solutions for Low Carbon Construction
Stora Enso OYJ on Tuesday launched its new sustainable and innovative construction solutions, Sylva™ by Store Enso. Sylva is a massive wood building kit comprised of pre-manufactured, custom-made applications delivered just-in-time to the building site.
University of Michigan Preliminary Consumer Sentiment Index Increases for October 2022
The University of Michigan released its Preliminary Consumer Sentiment Index for October. The Index of Consumer Sentiment increased to a reading of 59.8, up from its reading of 58.6 in September. This is a month-over-month increase of 2.0% but down 16.6% year-over-year (71.7 in October 2021).
Remodeler Sentiment Remains Positive in 2022Q3 but Down Year-Over-Year
The National Association of Home Builders/Westlake Royal Remodeling Index (RMI) posted a reading of 77 in 2022Q3. That is a year-over-year decline (2021Q3) of 10 points. An overall RMI of 77 points to positive remodeler sentiment.
Consumer Price Index Increases 0.4% in September; All-Item Index Up 8.2% Year-Over-Year
The US Bureau of Labor Statistics reported on Thursday that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in September on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 8.2% before seasonal adjustment.
Royal Park Canvas Hotel, the First Hybrid Timber High-Rise Hotel in Japan, Opens in Downtown Sapporo
The Royal Park Canvas Hotel, located in downtown Sapporo on the island of Hokkaido, Japan, has recently been completed. The 11-story hybrid timber hotel was created by Mitsubishi Jisho Design for the real estate firm Mitsubishi Estate Group.
Rent Growth Slows for Fourth Consecutive Month in September—Slowest Rate Since August 2021
Redfin reported today that the median US asking rent rose 9% year-over-year in September to $2,002 per month, the slowest growth since August 2021 and the first single-digit increase in a year. September was the fourth consecutive month in which annual rent growth decelerated.
Mortgage Rates Climb Higher in the Week Ending October 13th
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 13th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.92% with an average 0.8 point, up from last week when it averaged 6.66%.
US Weekly Jobless Claims Increase for the Week Ending October 8th
The US Department of Labor is reporting that, seasonally adjusted, an additional 228,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 8th. This is an increase of 9,000 from the previous week’s unrevised level of 219,000.
Paper Excellence Announces Indefinite Curtailment of Production at Its Catalyst Crofton, BC, Paper Plant
Citing weakening paper markets in China as well as substantial increases in price for chemicals, energy, and wood fiber used at its Catalyst Crofton, BC, facility, Paper Excellence announced the indefinite curtailment of its paper operations at the site effective in early December 2022.